When I got it I played at my GFs house on her 19" HDtv, but through scart.... so basically on an SD tv.
The Front buttons were pretty damn hard to read (L1/R1 etc) but the buttons and pad shakes weren't impossible. I got through the first bit just fine then went to sleep. Was miles better on my 32" 1080p set.
With regards to the QTE taking away from being able to see what you need, I think its quite the opposite with heavy rain. The icons appear on where the action is happening so it always seems to draw your eye to the key points of the action.
For example, dodging a punch requires you to press triangle, the triangle appears on the guys fist and moves with it until you are out of time, or if theres a clue on the table the corresponding button hovers over the clue till you press it and so on. Works really well. :)
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